Litecoin Struggles to break $90 Resistance, Eyes $100 high
Dec 01, 2020 at 11:30 //
NewsLitecoin has continued to have an impressive bullish run after the breakdown on November 26. Buyers are retesting the $90 resistance again.
In the first uptrend, LTC was repelled as a result of strong selling pressure. In the previous uptrend, the altcoin dropped from a high of $90 to $65 low. Presently, if buyers can push LTC above $90, a rally to $100 is being expected.
Nonetheless, if buyers fail to overcome the $90 resistance, the crypto will be compelled to a sideways move. In other words, the coin will be fluctuating between $65 and $90 for a few days. In the meantime, buyers are struggling to break the $90 resistance level. In the first retest, there was a pullback. The resistance is likely to be weakened after several retests. Meanwhile, Litecoin is trading at $89.23 at the time of writing.
Litecoin indicator analysis
The price bars are above the SMAs and the resistance line of the ascending channel. This gives the impression of a further upward movement of the coin. The crypto is at level 64 of Relative Strength Index period 14. It indicates that the coin is in the uptrend zone and above the centerline 50.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
What is the next move for Litecoin?
The altcoin is in an upward move. The Fibonacci tool has indicated an upward movement of the coin. On November 24 uptrend; the retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Litecoin will rise and reach level 1.618 Fibonacci extensions. That is the coin is expected to reach a high of $104.78.
Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow